Can you turn a decline into an acceptance.

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Bongofish
Bongofish Posts: 32 Forumite
in Mortgages & endowments
Hi.

If you got turned down at underwriting stage for poor credit with a 15% deposit, is this final?

Or can you go back and offer a 20% deposit or 25% deposit etc etc until they may possibly agree?

Just a quick question really. If you get turns down at a late stage and have wasted weeks on waiting whether theirs anything you can do or say to pull it back?
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  • amnblog
    amnblog Posts: 12,445 Forumite
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    That depends on the reason for your decline. What has your broker said?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kingstreet
    kingstreet Posts: 38,770 Forumite
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    Have you been declined, or are you still trying to find an answer to every possible outcome that might take place?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • ACG
    ACG Posts: 23,729 Forumite
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    It really depends, I get declines a few times a year, most of them I get overturned but thats because I get the green light from my account managers before applying.

    Occasionally (twice last year) I had cases declined that I could not get overturned.

    But as has been said, it really depends on why and who the lender is. If you have a broker, they should be working on it. If you dont, then you can go through the appeals process but I would suggest saving your time and finding a new lender.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Bongofish
    Bongofish Posts: 32 Forumite
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    Just working out worse possible scenarios. Ha. I still don’t get it. Through a broker we have had a DIP with nationwide and I have a default from 3 years ago with a payday loan and some missed payments over a year ago. However my partner has perfect score. My broker has not asked any questions but has seen our bank statements and we have had a hard credit check done by nationwide. We have now a valuation booked for Thursday and I don’t know if this is all good or whether it’s just delaying the inevitable or being turned down at some stage? :(
  • amnblog
    amnblog Posts: 12,445 Forumite
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    Your Broker has completed a DIP, has not asked any equestrians, and has not seen your bank statements?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Bongofish
    Bongofish Posts: 32 Forumite
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    Yes he’s done all those. He asked for bank statements which he’s seen. We have done affordability, basically everything and now nationwide have sent a text saying a valuation date has been arranged but i still don’t get why no questions have been asked with my past credit history :/
  • amnblog
    amnblog Posts: 12,445 Forumite
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    What questions would you like them to ask? Their system has told them you fit criteria.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Bongofish
    Bongofish Posts: 32 Forumite
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    Well I’m just surprised at this stage after handing over £999 and a valuation being booked nothing has been picked up :/....
  • Spikecast
    Spikecast Posts: 62 Forumite
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    Sounds to me like you're overthinking things, don't worry about things that haven't happened or are unlikely to. Sounds positive so far!
  • bigstevex
    bigstevex Posts: 913 Forumite
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    Correct me if I'm wrong but once it gets to valuation stage as long as you haven't lied and the house is the right value it's passed their checks? Don't see how you've been rejected or are you talking hypothetically?
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